Question # 1
What are the dimensions of TOTAL Performance?
|
A. Effectiveness, Efficiency and Reponsiveness
| B. Agility, Efficiency and Effectiveness
| C. Effectiveness, Resiliency, and Agility
|
C. Effectiveness, Resiliency, and Agility
Explanation:
The dimensions of TOTAL Performance are Effectiveness, Resiliency, and Agility. Effectiveness refers to achieving the desired outcomes. Resiliency is the ability to recover from setbacks and continue operations. Agility is the capacity to adapt quickly to changes and new opportunities. These three dimensions collectively ensure that an organization can perform well under various conditions and sustain its success over time.
References:
ISO 9001:2015 - Quality management systems – Requirements
COSO Enterprise Risk Management – Integrating with Strategy and Performance
Question # 2
Assessments should be selected based on
|
A. What the latest research reports says
| B. How objectives connect and prioritize the risk universe and assessment universe
| C. Personal opinion
|
B. How objectives connect and prioritize the risk universe and assessment universe
Explanation:
Assessments should be selected based on how objectives connect and prioritize the risk universe and assessment universe. This approach ensures that the assessments are aligned with the organization's strategic goals and that the most significant risks are addressed. It involves understanding the organization's risk landscape and prioritizing assessments that focus on theareas of highest impact and relevance to achieving objectives.
References:
ISO 31000:2018 - Risk management – Guidelines
COSO Enterprise Risk Management – Integrating with Strategy and Performance
Question # 3
When writing a complete recommendation it is important to include
|
A. Recommendation with suggested or mandatory requirements to comply with to fix the problem
| B. General comments about how to fix the problem
|
A. Recommendation with suggested or mandatory requirements to comply with to fix the problem
Explanation:
When writing a complete recommendation, it is important to include specific suggestions or mandatory requirements to comply with in order to fix the problem. This ensures that the recommendation is actionable and provides clear guidance on what needs to be done to address the issue. General comments may not provide enough detail or direction for effective implementation. Clear, detailed recommendations help organizations understand the necessary steps to mitigate risks and improve controls.
References:
ISO 19011:2018 - Guidelines for auditing management systems
COSO Internal Control – Integrated Framework
Question # 4
When inspecting information, the Content Criteria provides a guide to evaluating which of these
|
A. Design of the control
| B. Substance of the operation in the field
|
A. Design of the control
Explanation:
When inspecting information, the Content Criteria provides a guide to evaluating the design of the control. Content Criteria help ensure that the controls are appropriately designed to achieve their intended purpose. Evaluating the design involves assessing whether the control's structure, procedures, and policies are adequate to mitigate identified risks and meet regulatory and organizational requirements.
References:
ISO 19011:2018 - Guidelines for auditing management systems
COSO Internal Control – Integrated Framework
Question # 5
When planning an Assessment, it is important to
|
A. INCLUDE the personnel who perform the work being assessed. They will help to inform Assessment staff and help to adjust parameters if necessary.
| B. NOT include the personnel who perform the work being assessed. They will pollute the process.
|
A. INCLUDE the personnel who perform the work being assessed. They will help to inform Assessment staff and help to adjust parameters if necessary.
Explanation:
Including the personnel who perform the work being assessed in the planning process is important because they possess valuable insights and knowledge about the processes and controls in place. Their involvement helps to ensure that the assessment is accurately scoped and relevant parameters are set. They can provide context and clarify operational details, contributing to a more effective and targeted assessment. Moreover, their engagement can foster a cooperativeenvironment and facilitate smoother assessment execution.
References:
ISO 19011:2018 - Guidelines for auditing management systems
COSO Internal Control – Integrated Framework
Question # 6
Achieving Principled Performance means to:
|
A. Be an ethical performer
| B. Reliably achieve objectives, address uncertainty and act with integrity
| C. Recycle
|
B. Reliably achieve objectives, address uncertainty and act with integrity
Explanation:
Achieving principled performance means reliably achieving objectives, addressing uncertainty, and acting with integrity. This concept integrates the management of performance, risk, and compliance to ensure that an organization not only meets its goals but does so ethically and sustainably. It involves creating a culture of accountability, transparency, and ethical behavior while systematically managing risks and ensuring compliance with relevant regulations and standards. Principled performance is about achieving success while maintaining high standards of integrity and responsibility.
References:
OCEG (Open Compliance and Ethics Group) Red Book GRC Capability Model
ISO 37001:2016 - Anti-bribery management systems
Question # 7
All Review Procedures in the GRC Assessment Tools must be followed to assess a particular element
|
A. True. Thinking has been done for you.
| B. False. Use your professional judgement.
|
B. False. Use your professional judgement.
Explanation:
It is important to use professional judgment when conducting a GRC assessment, rather than rigidly following all review procedures in the GRC Assessment Tools. While these tools provide valuable guidelines and frameworks, each organization and situation is unique. Professional judgment allows for flexibility and adaptation of the procedures to fit the specific context andnuances of the assessment, ensuring more relevant and effective outcomes.
References:
ISO 19011:2018 - Guidelines for auditing management systems
IIA Standards for the Professional Practice of Internal Auditing
Question # 8
Follow-up on the implementation status of the recommendation based on high priority, due or overdue items or time-sensitive items is known as:
|
A. Follow-Up by Process Owner
| B. Follow-Up by Independent Assurance
| C. Follow-Up by Targeted Review
|
C. Follow-Up by Targeted Review
Explanation:
Follow-up on the implementation status of recommendations based on high priority, due or overdue items, or time-sensitive items is known as Follow-Up by Targeted Review. This approach focuses on areas that are of critical importance or where timely implementation is essential. It helps ensure that the most significant risks are addressed promptly and that any delays in addressing recommendations are identified and managed.
References:
IIA Standards for the Professional Practice of Internal Auditing
COSO Internal Control – Integrated Framework
Question # 9
Identifying root causes helps to
|
A. Be more specific regarding who is to blame
| B. Find a solution to fixing not only this problem but potential other problems that result from the same root cause
|
B. Find a solution to fixing not only this problem but potential other problems that result from the same root cause
Explanation:
Identifying root causes helps to find solutions that fix not only the current problem but also prevent other potential problems that stem from the same root cause. This approach leads to more sustainable and effective improvements by addressing the underlying issues rather than just the symptoms. It enhances the overall quality and reliability of processes and controls within the organization.
References:
ISO 31000:2018 - Risk management – Guidelines
Root Cause Analysis: Improving Performance for Bottom-Line Results by Robert J. Latino, Kenneth C. Latino, and Mark A. Latino
Question # 10
If (Inherent Risk x Control Risk) is low
|
A. We should perform extra testing
| B. We may consider performing less testing
|
B. We may consider performing less testing
Explanation:
If the inherent risk and control risk are both low, we may consider performing less testing. Inherent risk refers to the risk of an event occurring without considering any controls, while control risk is the risk that controls will not prevent or detect the event. When both risks are low, it indicates that the likelihood of issues occurring and not being detected is minimal, allowing for a reduced level of testing. This approach helps in efficiently allocating resources while maintaining a reasonable level of assurance.
References:
AICPA Auditing Standards
ISO 31000:2018 - Risk management – Guidelines
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